Once a wrongful claim is detected, penalties follow
It is important to note that eligible taxpayers who were previously unable to claim the Section 87A tax rebate can now do so by filing a revised or belated income tax return (ITR)
New feature added to the ITR portal streamlines rectification process, which previously required manual submissions and was often fraught with delays and complications
July 2024 steps will shape tax deductions and exemptions that can be claimed when filing an Income Tax Return (ITR) in July 2025
This extension is applicable to taxpayers who have global transactions and are needed to provide reports under Section 92E
The deadline to submit revised or belated ITRs is December 31
If a taxpayer misses the deadline to file their income tax return by November 15, 2024, they still have the option to submit a belated return by December 31, 2024
Before launching the new portal, the Income Tax Department is seeking feedback from the public and stakeholders
Over 7.28 crore income tax returns for Assessment Year 2024-25 were filed till July 31, 2024
About 5.9 million were first-time filers, reflecting widening of the tax base
Income Tax Department issues refunds to individuals who have paid more tax than their liability through various means like Tax Deducted at Source, advance tax, and Tax Collected at Source
Over 7 crore income tax returns have been filed till 7 pm on Wednesday -- the last day for filing ITRs for income earned in 2023-24 fiscal. "More than 7 crore ITRs have been filed so far (31st July), out of which over 50 lakh ITRs have been filed today till 7 pm!," the I-T department posted on X. July 31 is the last date for filing income tax returns for taxpayers who do not have to get their accounts audited. The total number of ITRs for AY 2023-24 (fiscal year 2022-23) filed till July 31, 2023 were more than 6.77 crore, with over 64.33 lakh ITRs being filed on 31st July, 2023. To assist taxpayers for ITR filing, tax payment and other related services, our helpdesk is functioning on a 24x7 basis, and we are providing support through calls, live chats, WebEx sessions & Twitter/X, the I-T department said.
About 6 crore income tax returns have been filed for income earned in 2023-24, of which 70 per cent were filed under the new simplified tax regime which offers lower rate of tax, Revenue Secretary Sanjay Malhotra said on Tuesday. Addressing the post-budget session of PHD Chamber of Commerce and Industry, Malhotra said there were apprehensions as to whether people would shift to the simplified tax regime. "About 6 crore filed for last year and 70 per cent is under the new income tax regime. The whole move has been towards simplicity with the ultimate purpose being to reduce the compliance burden," Malhotra said. For the 2022-23 fiscal, 8.61 crore ITRs were filed. The idea behind comprehensive income tax review as announced in the Budget is to make the tax law simpler. "We will come up with a draft and then we will seek suggestions," Malhotra said. Currently, India has two personal income tax regimes. In the old income tax regime, the tax rates are relatively high but taxpayers can
ITR filing deadline: The income tax department, in a post on X, urged taxpayers to file ITR at the earliest to avoid last-minute rush
If you have both F&O gains and losses in a financial year, declaring the losses allows you to offset them against the gains, reducing the overall tax liability on F&O transactions
Home loan borrowers should be aware of all the income tax breaks available on home loans, as this can substantially reduce their tax liabilities
If you make any donation to qualified organisations, you become eligible for claiming the same as a deduction from taxable income
If tax dues are pending while filing a belated ITR, a penal interest of 1 per cent per month will be levied on the due amount
The Discard ITR option acts as a delete option for income tax returns that have been filed but are waiting for verification
The method allows the tax department to process your payment promptly, potentially updating your tax records faster